The stock market finished higher today as Wall Street grows increasingly optimistic about the reopening of the economy—despite warnings from JPMorgan and Wells Fargo that loan defaults are set to skyrocket by skleb1234
The Dow Jones industrial average ended Tuesday up 2.4%, over 500 points, while the S&P 500 was up 3.1% and the Nasdaq Composite rose nearly 4%.
Wall Street has become more optimistic about the coronavirus outlook, with the number of new cases in the U.S. starting to level off, but between state governors and President Trump have begun to emerge over when and how to reopen the American economy.of $2,291 per share on Tuesday: The e-commerce giant has experienced unprecedented demand amid widespread coronavirus-related shutdowns.
Investors have also been bracing themselves for the start of corporate earnings—with profit-and-loss estimatesEarnings season kicked off with sobering revelations from both JPMorgan and Wells Fargo: both banks havein preparation for loan defaults across their consumer and corporate business lines. Shares of drugmaker and consumer goods company Johnson & Johnson, on the other hand, rose over 4.5% after the company beat revenue and profit estimates, raising its dividend by 6% even as it slashed its full-year forecast.“If first impressions are to be trusted, [earnings] could be messy,” according to a recent note from Bespoke Investment Group. “This is just the tip of the iceberg, though, as the pace of reports will only pick up going forward.
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